Forex Today: US Dollar Continues to Climb

 The US Dollar continues to rise as markets see a terminal rate above 5.25%.


  1. The US Dollar continues to be strong, as markets are becoming more firmly convinced that the Dollar will reach a higher terminal rate above 5.25%. The greenback is trading near a 5-week high price. Markets are also nervous about the upcoming US CPI data release later this week and see Fed rate hikes as likely to peak in July 2023.
  2. Stock markets are mostly lower over the recent Asian session, although the S&P 500 index has made minor gains. The S&P 500 Index made a golden cross the week before lastThis is typically a strong long-term buy signal, although the price has fallen since then.
  3. In the Forex market, the New Zealand Dollar is the strongest currency right now, while the Japanese Yen is is the weakest, putting the NZD/JPY currency cross in focus.
  4. Some commodities are performing quite well, with some continuing to rise after having recently made significant bullish breakouts, notably Sugar.
  5. There will be a release of Swiss CPI (inflation) data this morning, with the data expected to show a month-on-month increase of 0.5%.
  6. Daily confirmed new global coronavirus cases decreased last week for the eighth consecutive week.
  7. Total confirmed new coronavirus cases worldwide stand at over 677.6 million with an average case fatality rate of 1.00%. Daily new confirmed cases have fallen to a low level not seen since June 2020.
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.